- Paperback: 160 pages
- Publisher: Pearson; 1 edition (June 19, 1998)
- Language: English
- ISBN-10: 0130800783
- ISBN-13: 978-0130800787
- Product Dimensions: 5.9 x 0.4 x 8.9 inches
- Shipping Weight: 8 ounces (View shipping rates and policies)
- Average Customer Review: 6 customer reviews
- Amazon Best Sellers Rank: #2,910,348 in Books (See Top 100 in Books)
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Beast on Wall Street 1st Edition
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From the Back Cover
Shows how price-driven volatility explains many of the mysteries associated with stock price behavior. Covers the excess volatility problem of Shiller; the equity premium puzzle of Mehra and Prescot; the private information hypothesis of French and Roll; and shows why professionals have a difficult time beating the market. Portfolio Managers, Brokers, and Investment Bankers.
Top customer reviews
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The Beast is embarrassingly silly. The lit review is fairly well-done, albeit brief and biased. One of Haugen's arugements is that risk disappears when firms use less equity and more debt financing, implying that stock markets are wildly overreactive and excessively volatile. But Haugen ignores the fact that as debt piles up it takes on more of the risk characteristics of equity. So risk does not disappear, it is merely transferred to debt. Haugen also emphasizes that risk is insideous in that it increases the required rate of return that corporations must meet. However, in another book of his, he points out that risk (beta) explains NOTHING about returns. Risk matters in this book. Investors ignore risk in THE NEW FINANCE. Which one is it?
But folks, this sad little book is not all finance. About 90 pages are devoted to a poorly written disutopian short story, pitting a scrappy campaign manager against an investment banking juggernaut. Terrible. Stupid plot. Ridiculous characters. Dialogue that only Ed Wood could love. In one part of the book a group of Ph.D. "efficient market police" scare a snivelling faculty member away from telling the public how dangerous that stock financing really is (as if investors need a Columbia professor to tell them that). Well, the thought police aren't here quite yet. Tenure-track profs are under pressure to get stuff out. All those geeks spinning stock data and crunching numbers are doing it to find interesting results. If they find them-and they didn't cheat to manufacture the numbers-they get published. Period. Hedge funds, wealthy investors and fund managers are trying to take not-so-random walks down high-tech paths trying to gain modest extra returns. How does Haugen explain the cascade of investments books technical analysis, investing the Buffet way, etc., that rely on non-efficient markets?
Bottom line: If you buy this book you deserve to have your money lost. You probably would have blown it on something just as stupid. I myself wish I used my money to buy lotto tickets. So, by all means get it over with...buy this book!
Every 'Informed Investor'; every 'Wall Street Guru' raised and educated in the era of Efficient Markets; every Investor who has money in Wall Street and is concerned about what all this volatility really means, should read this book. Every finance student should read this book too; but if you bring it to class make sure it's covered in a plain brown wrapper. Finance Professors should read it as well. I know that few will find it as hysterically funny and bitingly accurate as I did, but remember: Efficient Markets is a theory, not a religion, and it's a poor theory that can't bear to be questioned and, if appropriate, modified or turfed out.
I'd like to sign my name but cannot. The Efficient Markets Police might find me, and I do not yet have tenure.
I serious question the indepence of the two readers that gave the book a 5-star. Are they related in any way to Robert Haugen?
Either way, CURSE THAT BRIGHTON BELLOW!